Residential Natural Gas Storage Market 2018-2028 By Size, Share, and Forecast

Summary

Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 106 Billion
CAGR (2023-2028)	4.11%
Fastest Growing Segment	Underground Storage
Largest Market	Asia Pacific

Market Overview

Global Residential Natural Gas Storage Market has valued at USD 106 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 4.11% through 2028. Natural gas is a versatile and widely used energy source, employed in various sectors such as power generation, industrial manufacturing, and residential heating. Unlike some other energy sources like coal or oil, natural gas cannot be easily stored on-site in large quantities. This necessitates the development of dedicated storage facilities. Residential Natural Gas Storage facilities serve as a buffer during supply-demand imbalances, ensuring a stable energy supply even during peak demand or supply disruptions. In times of extreme weather or geopolitical tensions that affect gas supply routes, these reserves become critical. Demand for natural gas often varies seasonally, with higher consumption during winter for heating and lower consumption during summer. Storage helps balance these fluctuations by storing excess gas during low-demand periods and releasing it when needed. Residential Natural Gas Storage plays a pivotal role in stabilizing gas prices. When supply is abundant, excess gas can be stored, reducing the risk of price spikes. Conversely, during supply shortages, stored gas can be injected into the market to alleviate price pressures.

Key Market Drivers

Natural gas has emerged as a leading primary source of energy because it burns cleaner than other fossil fuels. It is widely adopted in various applications stressing the demand for energy security by storing it in different forms. Natural gas is stored during periods of lower demand and withdrawn during periods of higher demand. The consumption of natural gas is strongly influenced by weather condition especially during the winter season as it is used for space heating in residential and commercial buildings. Stored natural gas plays a vital role in ensuring that any excess supply delivered during summer months is available to meet the increased demand for winter months. Natural gas in storage imparts energy security against the catastrophic disaster that may affect the production or delivery of natural gas. In addition to serving those purposes, Residential Natural Gas Storage is broadly adopted by industry participants for commercial reasons. Storing gas when prices are low and withdrawing and selling it when prices are high. Due to several other reasons and advantageous properties of natural gas; it is essentially important to store natural gas.

Growing Need of Residential Natural Gas Storage System

Residential Natural Gas Storage can be broadly classified into the type of storing method; Aboveground Storage and Underground Storage. The transportation and distribution of natural gas in above ground storage can be done in the form of liquified natural gas (LNG) as it requires less space compared to gaseous natural gas. Underground storage is further divided into depleted gas reservoirs, aquifers, and salt caverns. The depleted gas reservoir is the most common type of storage facility due to the capacity to hold natural gas for future use and the rate at which gas can be withdrawn. Depleted oil and natural gas reservoirs commonly used underground storage sites because of their economic viability. Aquifers are porous, a permeable rock formation that acts as natural water bodies. In certain conditions, these natural water bodies are reconditioned to store natural gas. Aquifers are expensive to develop and usually employed where there is no availability of depleted gas reservoirs. The salt cavern is an artificial cavity created by injecting water to dissolve the salt and offers the facility to store natural gas. Natural gas not only offers an environmentally friendly form of energy but also burns cleaner than other forms of fossil fuels turning it into the most affordable and highly utilized fuel expanding the growth of the natural gas storage. To meet the increasing demand for natural gas, storage is important to offer energy security which drives the market of natural gas storage. A rigid infrastructure is needed to store natural gas in a controlled environment. It requires a huge periodic investment in operation and maintenance activities to curb leak from storage tanks. Residential Natural Gas Storage is quite expensive and criticality in transmission capacity is the restraints are anticipated to hamper the growth of the Residential Natural Gas Storage market.

Download free Sample Report

Key Market Challenges

The Residential Natural Gas Storage market is a critical component of the global energy infrastructure, enabling the reliable supply of natural gas to meet various energy needs. This market encompasses a range of storage facilities and strategies designed to balance supply and demand, manage price fluctuations, and ensure energy security. However, it is not without its share of challenges. In this article, we will explore the Residential Natural Gas Storage market, its significance, the types of storage facilities, and delve into the key challenges it faces. Natural gas is a versatile and widely used source of energy, playing a crucial role in various sectors, including electricity generation, heating, and industrial processes. Unlike some other forms of energy, natural gas cannot be easily stored at the point of production or consumption in sufficient quantities to meet fluctuating demand. Therefore, the development of dedicated storage facilities is essential. The significance of the Residential Natural Gas Storage market can be summarized as follows:

Energy Security: Residential Natural Gas Storage facilities act as a buffer during supply-demand imbalances and unexpected disruptions. They provide a reserve that can be tapped into during extreme weather conditions or geopolitical tensions affecting gas supply routes, ensuring a consistent energy supply.

Balancing Seasonal Demand: Demand for natural gas often varies seasonally, with higher consumption during the winter months for heating and lower consumption during the summer. Storage facilities allow excess gas to be stored during periods of low demand and released when needed, helping to balance these fluctuations.

Price Stabilization: Residential Natural Gas Storage helps stabilize gas prices by absorbing excess supply during periods of oversupply and releasing stored gas during shortages. This helps prevent extreme price fluctuations and ensures affordability for consumers.

Challenges in the Residential Natural Gas Storage Market

The Residential Natural Gas Storage market faces several challenges, which have grown in complexity in recent years. These challenges can have a significant impact on the operation, economics, and sustainability of storage facilities. Here are some key challenges:

Regulatory Complexity: The development and operation of Residential Natural Gas Storage facilities are subject to complex and evolving regulatory frameworks. Regulations can vary significantly by region, making it challenging for operators to navigate compliance requirements. Regulatory changes can also affect the financial viability of storage projects.

Environmental Concerns: Residential Natural Gas Storage operations can pose environmental challenges, particularly in terms of methane emissions. Leaks and fugitive emissions of methane, a potent greenhouse gas, can occur during the storage process. Addressing these concerns is essential to align with environmental and sustainability goals.

Key Market Trends

Importance of Natural Gas Storage

Natural gas is a versatile and clean-burning fossil fuel used for various purposes, including electricity generation, heating, and as a feedstock for industries. Unlike some other energy sources, natural gas production is often uneven and can be subject to seasonal fluctuations, geopolitical disruptions, and unexpected demand spikes. Residential Natural Gas Storage facilities act as a buffer against these uncertainties, providing a consistent and reliable supply of gas to meet demand fluctuations. The global Residential Natural Gas Storage market has been steadily growing over the years, driven by factors such as increasing natural gas consumption, expansion of gas infrastructure, and the need for energy security. According to the International Energy Agency (IEA), in 2020, global natural gas consumption stood at 4,047 billion cubic meters, and this demand is expected to continue growing in the coming years.

Expanding Infrastructure

One of the prominent trends in the Residential Natural Gas Storage market is the expansion of storage infrastructure. As demand for natural gas grows, new storage facilities are being constructed, and existing ones are being upgraded and expanded. This is particularly crucial in regions where natural gas plays a significant role in energy supply, such as North America, Europe, and Asia. Advancements in technology are transforming the Residential Natural Gas Storage sector. Enhanced storage techniques like underground salt caverns, depleted oil and gas reservoirs, and aquifer storage are becoming more common, allowing for higher storage capacities and improved efficiency. Additionally, digitalization and automation are enhancing monitoring and control systems, making storage operations more efficient and cost-effective.

Shift Towards Renewable Energy

The global push towards cleaner energy sources is influencing the Residential Natural Gas Storage market. Natural gas is seen as a bridge fuel that can help transition from fossil fuels to renewable energy sources like wind and solar power. This has led to increased interest in flexible gas storage solutions that can quickly respond to fluctuations in renewable energy generation, ensuring grid stability.

Regulatory Changes

Regulatory changes and environmental concerns are impacting the Residential Natural Gas Storage market. Governments worldwide are imposing stricter emissions standards, which are driving investments in technologies like carbon capture and storage (CCS) to reduce the environmental footprint of gas storage facilities. Additionally, regulatory changes may affect the location and construction of new storage facilities. Geopolitical factors continue to influence the Residential Natural Gas Storage market. Supply disruptions due to geopolitical tensions can lead to increased demand for gas storage as countries seek to ensure a steady supply of energy. For example, the European Union has been actively promoting gas storage projects to enhance energy security in the face of political uncertainties.

Segmental Insights

Type Insights

In 2022, the large underground type held the biggest market share (92%). Like the majority of other products, fossil fuel may be kept in storage for a very long time. Natural gas exploration and development typically take time. Additionally, natural gas sometimes isn't used right away after arriving at its location, so it's kept in facilities, probably underground. With seasonal changes, subterranean coal and gas storage has become a crucial component of the energy supply, especially for countries in Europe and North America. Production that is constant and consistent contrasts with demand and usage that are erratic and follows a seasonal pattern depending on the patterns. Due to the significant increase in demand for subterranean natural gas on the international market, the percentage of usage has been observed to increase steadily.

Download free Sample Report

Regional Insights

The Asia pacific region has established itself as the leader in the Global Residential Natural Gas Storage Market with a significant revenue share in 2022. In 2022, APAC had the biggest market share, and it is anticipated that during the forecast period, APAC would continue to rule the storage of natural gas market. The climate in the region is conducive to the extraction of natural gas, and countries like China, India, and Indonesia have sizeable rural populations, therefore the Asian region market is expected to increase significantly during the course of a projection period. Additionally, rising natural gas prices are anticipated to drive market growth in the years ahead future. Due to their fast-growing end-use industries, India and China were two of the world's biggest marketplaces. Many nations that produce less natural gas domestically use gas storage facilities to meet demand. These nations consist of Korea, Taiwan, Indonesia, & Malaysian. All of these elements are anticipated to fuel market expansion in the region of Asia Pacific.

Recent Developments

In April 2019, Sempra Energy announced that it has completed the divestiture of its US renewable business and non-utility Residential Natural Gas Storage assets generating around USD 2.5 billion in cash.
In October 2018, The executive members of Gazprom and VNG meet at 8th St. Petersburg International Gas Forum to discuss gas imports and storage related issues. The main attention was paid to joint efforts in the field of underground gas storage including a joint project for the Katharina UGC facility in Germany.
In January 2018, Trafigura has signed a second deal with Singapore LNG Corp., for storage and reload services of liquefied natural gas (LNG). Under the new deal, Trafigura will have access to 160000m³ of LNG storage capacity for the next 24months.

Key Market Players

Gazprom
Naftogaz of Ukraine
Centrica Storage
Uniper SE
E.ON SE
TransCanada Corporation
Enbridge Inc.
The Williams Companies, Inc.
Southern Company
Duke Energy

By Type

By Energy Efficiency

By Application Type

By Region

Underground Storage

Above-Ground Storage

Energy-efficient homes

Non-energy-efficient homes

Space heating

Water heating

Cooking

Other

North America

Europe

Asia Pacific

South America

Middle East & Africa

Report Scope:

In this report, the Global Residential Natural Gas Storage Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

· Global Residential Natural Gas Storage Market, By Type:

o Underground Storage

o Above-Ground Storage

· Global Residential Natural Gas Storage Market, By Energy Efficiency :

o Energy-efficient homes

o Non-energy-efficient homes

· Global Residential Natural Gas Storage Market, By Application Type:

o Space heating

o Water heating

o Cooking

o Other

· Global Residential Natural Gas Storage Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Asia-Pacific

§ China

§ India

§ Japan

§ South Korea

§ Indonesia

o Europe

§ Germany

§ United Kingdom

§ France

§ Russia

§ Spain

o South America

§ Brazil

§ Argentina

o Middle East & Africa

§ Saudi Arabia

§ South Africa

§ Egypt

§ UAE

§ Israel

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Residential Natural Gas Storage Market.

Available Customizations:

Global Residential Natural Gas Storage Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Residential Natural Gas Storage Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.3. Markets Covered

1.4. Years Considered for Study

1.5. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

4. Voice of Customers

5. Global Residential Natural Gas Storage Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (Underground Storage and Above-Ground Storage)

5.2.2. By Application Type (Space heating, Water heating, Cooking, Other)

5.2.3. By Energy Efficiency (Energy-efficient homes and non-energy-efficient homes)

5.2.4. By Region

5.3. By Company (2022)

5.4. Market Map

6. North America Residential Natural Gas Storage Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Application Type

6.2.3. By Energy Efficiency

6.2.4. By Country

6.3. North America: Country Analysis

6.3.1. United States Residential Natural Gas Storage Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type

6.3.1.2.2. By Application Type

6.3.1.2.3. By Energy Efficiency

6.3.2. Canada Residential Natural Gas Storage Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type

6.3.2.2.2. By Application Type

6.3.2.2.3. By Energy Efficiency

6.3.3. Mexico Residential Natural Gas Storage Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type

6.3.3.2.2. By Application Type

6.3.3.2.3. By Energy Efficiency

7. Asia-Pacific Residential Natural Gas Storage Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Application Type

7.2.3. By Energy Efficiency

7.2.4. By Country

7.3. Asia-Pacific: Country Analysis

7.3.1. China Residential Natural Gas Storage Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type

7.3.1.2.2. By Application Type

7.3.1.2.3. By Energy Efficiency

7.3.2. India Residential Natural Gas Storage Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Application Type

7.3.2.2.3. By Energy Efficiency

7.3.3. Japan Residential Natural Gas Storage Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Application Type

7.3.3.2.3. By Energy Efficiency

7.3.4. South Korea Residential Natural Gas Storage Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Type

7.3.4.2.2. By Application Type

7.3.4.2.3. By Energy Efficiency

7.3.5. Indonesia Residential Natural Gas Storage Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Type

7.3.5.2.2. By Application Type

7.3.5.2.3. By Energy Efficiency

8. Europe Residential Natural Gas Storage Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Application Type

8.2.3. By Energy Efficiency

8.2.4. By Country

8.3. Europe: Country Analysis

8.3.1. Germany Residential Natural Gas Storage Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type

8.3.1.2.2. By Application Type

8.3.1.2.3. By Energy Efficiency

8.3.2. United Kingdom Residential Natural Gas Storage Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type

8.3.2.2.2. By Application Type

8.3.2.2.3. By Energy Efficiency

8.3.3. France Residential Natural Gas Storage Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type

8.3.3.2.2. By Application Type

8.3.3.2.3. By Energy Efficiency

8.3.4. Russia Residential Natural Gas Storage Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Type

8.3.4.2.2. By Application Type

8.3.4.2.3. By Energy Efficiency

8.3.5. Spain Residential Natural Gas Storage Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Type

8.3.5.2.2. By Application Type

8.3.5.2.3. By Energy Efficiency

9. South America Residential Natural Gas Storage Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Application Type

9.2.3. By Energy Efficiency

9.2.4. By Country

9.3. South America: Country Analysis

9.3.1. Brazil Residential Natural Gas Storage Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type

9.3.1.2.2. By Application Type

9.3.1.2.3. By Energy Efficiency

9.3.2. Argentina Residential Natural Gas Storage Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type

9.3.2.2.2. By Application Type

9.3.2.2.3. By Energy Efficiency

10. Middle East & Africa Residential Natural Gas Storage Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type

10.2.2. By Application Type

10.2.3. By Energy Efficiency

10.2.4. By Country

10.3. Middle East & Africa: Country Analysis

10.3.1. Saudi Arabia Residential Natural Gas Storage Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Application Type

10.3.1.2.3. By Energy Efficiency

10.3.2. South Africa Residential Natural Gas Storage Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Application Type

10.3.2.2.3. By Energy Efficiency

10.3.3. UAE Residential Natural Gas Storage Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Application Type

10.3.3.2.3. By Energy Efficiency

10.3.4. Israel Residential Natural Gas Storage Market Outlook

10.3.4.1. Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2. Market Share & Forecast

10.3.4.2.1. By Type

10.3.4.2.2. By Application Type

10.3.4.2.3. By Energy Efficiency

10.3.5. Egypt Residential Natural Gas Storage Market Outlook

10.3.5.1. Market Size & Forecast

10.3.5.1.1. By Value

10.3.5.2. Market Share & Forecast

10.3.5.2.1. By Type

10.3.5.2.2. By Application Type

10.3.5.2.3. By Energy Efficiency

11. Market Dynamics

11.1. Drivers

11.2. Challenge

12. Market Trends & Developments

13. Company Profiles

13.1. Gazprom.

13.1.1. Business Overview

13.1.2. Key Revenue and Financials

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services

13.2. Naftogaz of Ukraine.

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services

13.3. Centrica Storage.

13.3.1. Business Overview

13.3.2. Key Revenue and Financials

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services

13.4. Uniper SE.

13.4.1. Business Overview

13.4.2. Key Revenue and Financials

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services

13.5. E.ON SE.

13.5.1. Business Overview

13.5.2. Key Revenue and Financials

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services

13.6. TransCanada Corporation.

13.6.1. Business Overview

13.6.2. Key Revenue and Financials

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services

13.7. Enbridge Inc.

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services

13.8. The Williams Companies, Inc.

13.8.1. Business Overview

13.8.2. Key Revenue and Financials

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services

13.9. Southern Company.

13.9.1. Business Overview

13.9.2. Key Revenue and Financials

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Services

13.10. Duke Energy.

13.10.1. Business Overview

13.10.2. Key Revenue and Financials

13.10.3. Recent Developments

13.10.4. Key Personnel

13.10.5. Key Product/Services

14. Strategic Recommendations

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the market size of the Global Residential Natural Gas Storage Market in 2022?

The market size of the Global Residential Natural Gas Storage Market was USD 106 Billion in 2022.

Which was the dominant segment by device Installation in the Global Residential Natural Gas Storage Market in 2022?

The Global Residential Natural Gas Storage Market is dominated by the Underground Storage segment in 2022.

What is the main Challenge in the Global Residential Natural Gas Storage Market?

To store gas in a regulated atmosphere, a rigid infrastructure is required. To stop leaks from storage facilities, a sizable volume of funds should be routinely invested in maintenance and operation tasks. The massive price of storage of natural gas and the limited transmission network are expected to limit the industry's expansion.

What are the major drivers for the Global Residential Natural Gas Storage Market?

To further promote the use of Liquefied Natural Gas vehicles and infrastructure, governments throughout the world are increasing the tax advantages that are now in place. Governments all over the globe, particularly in India and China are also expanding financing for CNG technology development and research and providing loans and grants to assist the construction of CNG fueling stations. As incomes rise, people are more likely to afford natural gas-powered appliances and homes. Natural gas-powered appliances are often more efficient than other types of appliances, and they can save homeowners money on their energy bills.

Related Reports

Parvati Sharma

Account Manager BD

Talk To Analyst

Press Release

Underground Storage Type is Expected to Dominate the Global Residential Natural Gas Storage Market

Nov, 2023

As incomes rise, people are more likely to afford natural gas-powered appliances and homes. Natural gas-powered appliances are often more efficient than other types of appliances, and they can save h

Buy Now